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Cashfree launches risk management and fraud prevention tool RiskShield

Economic TimesEconomic Times · 1y ago
Cashfree launches risk management and fraud prevention tool RiskShield
Medial

Bengaluru-based payment aggregator Cashfree Payments has launched a real-time risk management solution called 'RiskShield'. The solution aims to reduce fraudulent activities by up to 40%, allowing users to block transactions from specific mobile numbers, email addresses, IP addresses, and more. Cashfree Payments' CEO, Akash Sinha, stated that RiskShield is a result of extensive research and analysis, providing merchants with a complete risk management solution. The solution incorporates artificial intelligence and machine learning algorithms to detect fraudulent transaction patterns, minimizing chargebacks and disputes for businesses. Cashfree Payments saw a 75% rise in revenue in FY23, reaching Rs 614 crore.

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Cashfree’ Secure ID claims to prevent fraud worth Rs 50 Cr for businesses

EntrackrEntrackr · 10m ago
Cashfree’ Secure ID claims to prevent fraud worth Rs 50 Cr for businesses
Medial

State Bank of India-backed online payments processor and aggregator Cashfree has announced that Secure ID- it’s end-to-end solution for identity verification, risk assessment, and fraud prevention has crossed over 100 crore verifications and has prevented fraud worth Rs 50 crore for businesses. Secure ID uses AI and LLMs to easily integrate into existing workflows for businesses, ensuring a smooth user experience across onboarding, user data verification and identifying user-level fraud. According to Cashfree, its fraud detection solution offers reliability by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behaviour. Additionally, SecureID provides data-driven risk scoring for informed decision-making and monitoring for potential risks in the user’s journey. Secure ID’s clients include Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited. Cashfree offers a bouquet of payment services to merchants such as payment collection services, auto collect, recurring payments, and verification services to banks. Recently, the firm received the final license for payment aggregator from the Reserve Bank of India (RBI). Moreover, the apex banking body has also allowed it to onboard new merchants. As per Cashfree, 8,000 merchants have completed their KYC formalities and are ready to go live on the platform. The move is likely to help Cashfree increase its revenue significantly in the ongoing financial year. According to data intelligence platform, The Kredible, Cashfree’s revenue from operations grew to Rs 614 crore in the fiscal year ending March 2023 from Rs 350 crore in FY22.

Cybersecurity startup Deep Algorithm raises Rs 10.8 Cr in seed round

EntrackrEntrackr · 1d ago
Cybersecurity startup Deep Algorithm raises Rs 10.8 Cr in seed round
Medial

Deep Algorithm Solutions, a cybersecurity and AI startup focused on fraud prevention in digital financial ecosystems, has raised Rs 10.8 crore (around $1.25 million) in a seed funding round led by Unicorn India Ventures, with participation from angel investors. The funding will be used to expand its engineering and threat intelligence teams, scale GTM efforts in India and Southeast Asia, and deepen platform integrations with systems like Azure AD and Okta. Founded in 2021, Deep Algorithm operates on a B2B model, offering enterprise-grade security products such as adapIDAI, an adaptive behavioral intelligence identity engine, and BotShield, a tool designed for zero-day threat prevention, DDOS mitigation, and runtime application protection. The startup provides continuous authentication and fraud analytics tailored for BFSI and other high-risk digital ecosystems. According to the Mumbai-based firm, it has completed live deployments at a major private bank, a government organization, and a private hospital. It also holds a government-issued patent and has filed an international patent. Deep Algorithm is now expanding into BFSI hubs like Mumbai and Bengaluru, and exploring partnerships in Kenya, South Africa, and the UAE. It is also building a SaaS model and analytics dashboards for mid-market clients and risk teams.

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